6/21/2014

Irene Yap’s case, a follow up reported in ST



I just read the ST this morning and there is a report on Irene Yap’s case. According to Amy Khor, CPF is trying to help Irene to withdraw her savings. However, Rene still has to abide by CPF’s regulation, ie that she must leave a minimum sum or pledge her property to the CPF before she can take out all her savings.

What is this minimum sum that is being introduced by the CPF that effectively said the people owe the CPF a sum of money and if this sum is not placed in the CPF, either in cash or a pledge with a property, then a sum equivalent to the minimum sum must be kept in the CPF.

Two points to this, the first of course is why should a retiree be compelled to keep a huge sum of money with the CPF when he should be living his golden years and enjoying his lifelong savings? Oh, he must keep the money, a minimum sum that is growing every year and now about $200k, so that he would not be a burden to the govt in case he squanders his money with mei meis or in Batam. It is for his own good. The govt is so caring. See my middle finger? I can’t hold it down.

The other point is that Irene is from a generation that should not be affected by all the new regulations introduced before her time. The minimum sum should not be applicable to her and those of her generation and to several generations. It should not be applicable to everyone if one rejects this ‘govt is your father’ and has the right to keep your money for your own good idiotic reason.

The CPF is the people’s money for their retirement and how they want to spend their money in retirement is none of the govt’s business. Don’t give people the crap that if they squandered away their money who is to pay for them to live on? Not the govt for sure. This is not a welfare state. And do not insult the intelligence of the people to find their way to survive without the need to beg the govt for a meal in the hawker centre, foodcourt or the restaurant.

From Amy’s and CPF’s reasoning in the ST, they are all so willing to help Irene. But the likelihood of Irene getting all her money back from the CPF is as good as zilch. She must comply with the minimum sum requirements, ie a ransom that she has to pay to the CPF. Actually no, they don’t call it ransom. They call it for your good or for the good of the members that they must make the people pay out front inn the form of the minimum sum.

So Irene’s case is as good as close and Irene can kpkb till the cow comes home. Amy Khor and the CPF will be on their knees trying to help her. I am so touch, but the answer is still no. Because CPF rules say so.

Irene should pray for a miracle to get all her money back from the CPF.

Kopi Level - Yellow

21 comments:

Anonymous said...

"Rene should pray for a miracle to get all her money back from the CPF."
RB

Why Rene didn't withdraw all her CPF when she could have withdrawn under CPF rules with no min sum in the past?

That shows she supported CPF rules then, and by extension also PAP policy and voted PAP in the past lah, tio bo?

So now she deserved what she did in the past lah, tio bo?

No need pity her lah. She lives in landed, u know. This alone makes her much better off than at least 80% Sinkies who are living in HDB pigeonholes, and which are also getting smaller and smaller.



Anonymous said...

Can someone interview Rene to get the full picture why she still has money with CPF and why she is subject to the min. sum requirement when her generation they can withdraw all their CPF money. ST is not doing their job, no wonder they are ranked 154th.

Anonymous said...

Rene cannot expect to have the best of both worlds lah.

At 76, she should be mature enough to accept this.

Anonymous said...

Rene should live with the new mantra. The old mantra of upgrading, buying bigger properties is over. The new mantra is about downgrading and cashing out to live the remaining years with dignity.

The past govt helped the people to upgrade, from 3rms to 5 rms, from HDB to private, from condos to landed properties.

The new govt helped the people to downgrade, from landed to condos, from private to HDB, from 5rm to 3m flats.

Rene and her lot is out of touch with the new philosophy of a better life. To live better she must downgrade, sell her landed property and by a smaller condon, or a HDB. Then she would have a lot of money to spend, like all the happy people who are downgrading.

oldhorse42 said...

Renee was a teacher. She was educated and wealthy to stay in Soo Chow garden. Yet she is befuddled by the cpf rules.
What more can we say about the masses who will be totally lost come to cpf rules and govt polocies.
No wonder people often grumble about cheng hi chia nang.
I,too, will join RB to point my middle finger at PAP's chenghu.

Anonymous said...

whether you stay in a 3-room apt or 3 storey house, those 'ants in white' they just want to hold back your money. whether you are cash poor or cash rich, they just want to control our money with them.

Anonymous said...

They are debunking their own theory actually. Basically they are holding back your money whether your rich or poor. So now the purpose of cpf is hold back your money NOT just for raining days BUT also when you have too much money. THER ARE CONTRADICTING THEMSELVES!!

Anonymous said...

Probably less then one percent of the men and women spent all their money in Batam?

It is unlikely 99% who slogged their whole life reached 55 savings, 37% per month will spent all their money in Bintan?

Most likely 99% percent had better used of the money then spending money on ladies or men there?

Just because a few spent all the money there mean everyone spent all their money there?

It is the hard earn money, just can give some flimsy excuses then locked up people money for life?

In today high labour competition, many people had much better used of their retirement money then anyhow spent?

People need these money as an reserve in case of emergency, what for putting in CPF between 55 and 65 or 70, if you need money and can't be used?

Should follow the counterpart EPF return by 53 or 55, 75% then left 25% by 60 if the person used up all their money maybe 65 then return the other 25%?

The CPF issues is the single most important asset for many, any change or tinkering with it it could resulting in serious lost of votes and support?

One of the top minister Howe Yoon Chong was retired because of suggesting to increase the withdrawl age to 60?

Anonymous said...

Ten years ago, a colleague of my collected his CPF sum at age 55, 3 months early than me, told me to get all the CPF out. I did as per his advice. This helped me when I was retrenched, I did not few pressurized when I was looking for another job at the age of 58, I even can tell the unreasonable employer off without loosing my dignity.
Do you have the same foresight as my colleague a lay man?


Ⓜatilah $ingapura⚠️ said...

@ muddled-thinking RB:

>> Oh, he must keep the money, a minimum sum that is growing every year and now about $200k, so that he would not be a burden to the govt in case he squanders his money with mei meis or in Batam. <<

Which he probably will.

We hairless African apes, with big emotionally-ruled brains, are wired to live in the present as "reality", which is where we will act to have our needs satisfied if we have the means at our disposal. It take WILLPOWER to save for the future. The majority of people don't have it. It's about THE NUMBERS.

>>It is for his own good. <

No. No and definitely NOPE. It is for the freedom from obligation for the present generation to FINANCE the existence of the useless unproductive old fucks waiting to die, using ideas of "humanity" "kindness" and "compassion" as mere easy excuses for keeping them alive. ( "Oh look at that society, they look after old people. Aren't they fantastic?" No, they are not. But believe what you will.)

This is how the welfare states of the west used to operate. Now they are becoming wise and adopting approaches which appear to emulate Singapore's CPF system. They've discovered that IMPOSING "kindness" "humanity" and "compassion" BY FORCE on the taxpayer, it quite fucking IMMORAL.

>>The govt is so caring. <

It is not the function of govt. to be "caring". Leave all those "high values" to friends, loved ones and family. The govt is like a tool -- it is used to perform certain jobs or functions, and nothing more.

I like my govt cold, hard and efficient. I want no emotions or feelings or any of that wooly, fluffy nonsense. If the govt becomes "caring", look out, they are going to take your money to do their "caring".

>> Rene should pray for a miracle to get all her money back from the CPF.

Rest assured, you can count on redbean to hand out the WORSE advice on the internet.

1. "Praying" is essentially talking to yourself (because there are no ghosts, gods or goblins listening to you wail and plead...I guarantee)

2. There are no "miracles".

3. The money in the CPF is realistically not "your money" but you will get a monthly annuity payment. If you live long enough, you will get the total sum (apparently) reflected in your account.

Anonymous said...

How do they themselves feel if people were to locked up their lifetime of savings giving some flimsy excuses they might spent all their money in Bintan, funny right, even a small child would laugh?

Anonymous said...

What do you think of those of 95% never go to Bintan, their CPF is locked up for life worry the spent all their money on men, will the foreigners heard these laugh until they cry?

I dont know said...

Can someone explain to me the purpose of pledging one's hard earned asset to CPF just to take out one's money that is rightfully ours?
What happens if Rene withdraws ALL her CPF in cash. An after certain years, the money is gone, and she is stranded with no living cash. Then what happens to the property? What exactly will CPF do to the property that was pledged as collateral (machiam bank like that?)..can someone explain if they have the right to do that? Under what law/constitution?

Anonymous said...

Giving these type of silly excuses that most will spent all their money in Bintan after they withdraw their CPF? Where 98% never set a foot on Bintan?

The GRC system is good for racial problems, where no countries in the world adopted it?

It might good in the 60s for racial problems because many were not much education and communication is difficult?

Like pay people huge amount of money not to be corrupted?

These type of silly excuses what will other countries think, when they heard of it what do they think of the quality of the leaders, do they feel something wrong? Or laugh until they drop?

This is mobile internet age?

Chua Chin Leng aka redbean said...

I swear I would not spend my money in Batam. I just want my Nikon D4, 600mm lens, a fish eye and a mid zoom, a Manfrotto tripod and heads and a few accessories will do.

Can I have my CPF money back? Please, I will be very nice.

Anonymous said...

Tthe PAP government will not help you if you withdraw your CPF money.
The PAP government will also not help you if you keep your CPF money inside your CPF account.

CONCLUSION:
Is it fair to say the PAP government does not help Singaporeans?

Is it fair to call the PAP government a self serving government?

Is it fair to say that we pay the Ministers million dollar salaries so that they can shake legs and tell us everything also not their job. And that Singaporeans are champion complainers with a subsidy mentality?

Anonymous said...

Spending money on women in batam?

I think we better vote Opposition in case all our reserves get spent by PAP on foreign bank shares.
What do you think?
fair comment?

Anonymous said...

I just would like to comment ....

Serious ahhh ... have to pledge property before I can withdraw my hard earn CPF from the govt ..... what happen if I do not have a property .... Can someone please enlighten ...

Also if that's the case seems like when I am old (almost laying in the coffin flat) still have to meet the 200k MS (to me like modern protection money) before my last breath.

Another example .... if you put a fix D in the bank then upon matured, the bank told you this .... Sir, if you like to withdraw all your fix D you will need to pledge your property to us ....

Trust you will know what I am gonna say to the bank & do you know what will happen to this bank ....

Anonymous said...

Ask around, I bet 99% of the people wants their CPF money back on retirement. Only PAP refused to open its eyes to see. Need a slap?

Anonymous said...

Singaporeans will not need to beg the government for welfare if we squander our cpf... we can sell tissues at hawker centers as long as the government do not let if foreign talents that chop up people to compete with us.

b said...

"http://www.bbc.com/news/magazine-18952037"

We are fed a lot of bullshits about retirement. The gov wants to manipulate us so that they can keep the money like it is theirs. Always be on alert for such heartless gov.